Tether has appointed Simon McWilliams as its new Chief Financial Officer (CFO) as the leading stablecoin issuer moves toward the completion of a full financial audit.
McWilliams, a finance executive with over 20 years of experience, is set to lead Tether’s transparency and regulatory engagement efforts.
The appointment, according to the company’s announcement, represents a “firm commitment to completing a full audit, a crucial step in raising industry standards and strengthening regulatory engagement.”
Tether currently publishes quarterly attestations of its reserves verified by accounting firm BDO, but it hasn’t yet undergone a full independent audit. The company has for years faced criticism surrounding its reserves, with various critics suggesting the firm didn’t have enough reserves to fully back the USDT in circulation.
Back in 2021, the New York Attorney General’s office settled with Bitfinex over a 22-month inquiry into whether the exchange covered up a loss of $8
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